The monetary policy board governed by
The RBA has reduced the cash rate by a cumulative 225 basis points since
The board said continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time. Inflation is expected to be consistent with the 2-3% target over the next two years.
In the Board's judgment, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target.
Meanwhile, retail sales in
The Australian dollar rose to more than a 2-week high of 94.92 against the yen and a 5-day high of 1.0112 against the Canadian dollar, from early lows of 94.49 and 1.0924, respectively. The aussie closed yesterday's deals at 94.64 against the yen and 1.0058 against the loonie. If the aussie extends its uptrend, it is likely to find resistance around 95.44 against the yen and 1.02 against the loonie.
The Australian dollar hit 0.9277 against the US dollar, up from an early multi-day low of 0.9228. The pair closed yesterday's deals at 0.9242. If the aussie rises further, it may find resistance around the 0.93 zone.
Recovering from early lows of 1.4734 against the euro and 1.0924 against the NZ dollar, the Australian dollar rose to 1.4659 and 1.0953, respectively. At yesterday's close, the aussie was worth 1.4628 against the euro and 1.0929 against the kiwi. The next possible upside target for the aussie is seen at 1.45 against the euro and 1.10 against the kiwi.
Looking ahead, In the European session,
Kansas City Fed President
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